IMF mission starts working in Ukraine

“We are going to work in compliance with the earlier announced programme - from October 17 to October 29,” the office said

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KIEV, October 17 (Itar-Tass) - The International Monetary Fund’s (IMF) mission has started working in Ukraine, the IMF Kiev-based office told Itar-Tass on Thursday.

“We are going to work in compliance with the earlier announced programme - from October 17 to October 29,” the office said.

“The goal of the mission headed by Nikolai Georgiyev is to assess the republic’s macroeconomic situation and discuss the economic policy aspects as well as plans for a long-term and mid-term perspectives with Ukrainian authorities,” the IMF source went on to say.

In the summer of 2010, the Fund launched a new financial assistance program worth 15.5 billion U.S. dollars in Ukraine. Kiev received two tranches worth about three billion U.S. dollars. However, the IMF suspended the program in 2011 after Ukraine had failed to meet its requirements in full.

This year, the IMF mission has visited Ukraine twice - in January-February and in March-April. However, the two sides made no serious progress in the talks, as the IMF key requirements envisages a series of unpopular steps such as a rise in gas tariffs and transition to the hryvnia flexible exchange rate.

President Viktor Yanukovich said in his previous statements that Ukraine could not meet the IMF requirement to raise gas tariffs for the population. “It is unacceptable for us. We cannot agree to that because if we do that may have negative social consequences for the population,” Yanukovich said.